Welcome to Ezra's Notes. Each week (hopefully) I share timeless insights from the most worthwhile content I’ve read, watched, or listened to.
Everything is condensed into clear notes you can read in minutes.
1. Industrial
Softening fundamentals: Demand cooling and excess supply from the last boom.
Temporary NOI boost: Rent catch-up effects from COVID surge are masking slowing growth.
Market inefficiency: Plymouth Industrial’s buyout offer (~$24/share) exposes valuation gaps in REITs.
2. Office
Uneven recovery: “Flight to quality” driving gains for top-tier properties.
Leasing rebound: Sunbelt Class A assets and NYC leading recovery; AI demand lifting West Coast markets.
Oversupply risk: Costly new developments in Midtown Manhattan could hurt landlords.
3. Multifamily / SFR
Sunbelt weakness, coastal strength: Rent growth still negative YoY in the South but improving.
SF rebound: Bay Area rents rising sharply amid AI-driven hiring and capital inflows.
Housing slowdown: Single-family home starts expected to weaken further in 2H 2025.
4. Retail
Top performer: Retail showing strongest fundamentals among CRE sectors with ~3–4% NOI growth.
Low new supply: Minimal construction supports landlords.
Tariff risk easing: Legal challenges have tempered the threat of new import tariffs.
Credit to
Hawkins Entrekin of Warden Capital for this amazing update on the CRE market.
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See you next week with more timeless notes.
Until then, keep compounding knowledge.
— Ezra